During the Idea Exchange held yesterday, Nitin Gadkari, the Minister of Road and Transport, emphasised the critical role of exports in driving India’s economic growth and employment prospects.
“A robust export sector is essential for sustaining industry, trade, and business, which in turn is crucial for generating employment opportunities and eradicating poverty,” Gandkari said. He underscored the necessity of increasing exports to achieve these goals, reflecting a strategic shift in economic policy.
Gadkari highlighted recent progress, noting that India has risen to become the third-largest automobile market globally, trailing only behind the USA and China. “By 2030, India will ascend to the second position in the global automotive sector. Currently, the U.S. automotive market is at 70 percent, China at 44 lakh cars, and India at 22 lakh cars. I believe by 2030, India’s electric vehicle industry will reach a size of 20 lakh cars,” he expressed.
The Minister also addressed the significance of alternative fuels and biofuels in reducing import dependence. He mentioned ongoing efforts to adopt alternative fuels like ethanol, methanol, bio-diesel, and hydrogen, which are expected to contribute to a decrease in import costs and create new job opportunities. While giving an example from Bihar, Gadkari said, “In Bihar where the establishment of 10 ethanol factories and 25 more in progress has led to a substantial increase in corn prices, benefiting local farmers. The price of corn in Bihar has risen from 1,200 rupees per kilo to 2,800 rupees per kilo due to ethanol production.”
Additionally, Gadkari highlighted initiatives in Panipat, where Indian Oil is producing significant quantities of bio-ethanol, bio-butanol, and sustainable aviation fuel. This effort aims to address environmental challenges, such as pollution caused by the burning of Parali (straw), while fostering economic growth through sustainable practices.
“A strategic approach to infrastructure development and alternative fuels will not only bolster the business and agricultural sectors but also improve the livelihoods of the rural and tribal populations,” he said.
The Minister’s remarks reflect a broader vision for India’s economic transformation, focusing on enhancing exports, leveraging alternative fuels, and creating employment opportunities through innovative policies.